Oil Market: fundamentals and geopolitical risks provide support for high oil prices | Eurobank
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Oil Market: fundamentals and geopolitical risks provide support for high oil prices

• Global crude oil prices continue to remain high relative to historical levels, as geopolitical tensions have put upside risks to oil prices back in the spotlight
• We expect oil prices to hover around current elevated levels over the rest of the year, due to geopolitical tensions, easy money globally, tight fundamentals in the oil market and limited spare capacity.
• We see the risks to our forecasts as skewed to the upside as world oil inventories have not been building despite Saudi Arabia pumping at its highest levels in 30 years and Libyan supplies returning to the market. Tight inventories are leaving the oil market rather sensitive to potential supply disruptions from geopolitical or other kinds of risks.